Digi International (NASDAQ:DGII) Shares Gap Down - Here's Why

Shares of Digi International Inc. (NASDAQ:DGII - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $30.70, but opened at $29.17. Digi International shares last traded at $29.17, with a volume of 200 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DGII. Piper Sandler lowered their target price on shares of Digi International from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 8th. Craig Hallum lowered their price objective on Digi International from $32.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.20.

Digi International Price Performance

The stock has a market capitalization of $1.12 billion, a P/E ratio of 80.71, a PEG ratio of 0.98 and a beta of 1.07. The company's 50 day simple moving average is $28.35 and its two-hundred day simple moving average is $26.72. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.00 and a quick ratio of 1.31.

Digi International (NASDAQ:DGII - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.01. The firm had revenue of $105.20 million during the quarter, compared to analysts' expectations of $105.60 million. Digi International had a return on equity of 11.32% and a net margin of 3.94%. The business's revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm posted $0.44 EPS. As a group, equities analysts expect that Digi International Inc. will post 1.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Digi International

Several hedge funds and other institutional investors have recently made changes to their positions in the company. NBC Securities Inc. acquired a new stake in Digi International in the first quarter worth about $78,000. GAMMA Investing LLC boosted its stake in Digi International by 687.7% in the first quarter. GAMMA Investing LLC now owns 961 shares of the technology company's stock valued at $31,000 after acquiring an additional 839 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Digi International by 52.6% during the 1st quarter. BNP Paribas Financial Markets now owns 29,940 shares of the technology company's stock worth $956,000 after acquiring an additional 10,317 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Digi International during the 1st quarter valued at $139,000. Finally, Geneva Capital Management LLC lifted its stake in shares of Digi International by 20.9% in the 1st quarter. Geneva Capital Management LLC now owns 1,687,660 shares of the technology company's stock valued at $53,887,000 after purchasing an additional 291,618 shares during the period. 95.90% of the stock is owned by institutional investors and hedge funds.

Digi International Company Profile

Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States, Europe, the Middle East, Africa, and internationally. The company operates in two segments, IoT Products & Services, and IoT Solutions. It offers cellular routers for mission-critical wireless connectivity; cellular modules to embed cellular communications abilities into the products to deploy and manage intelligent and secure cellular connected products; console servers to provide secure and remote access to network equipment in data centers and at edge locations; and radio frequency products, including embedded wireless modules, off-the-shelf gateways, modems, and adapters under the Digi XBee brand.